A BUYER'S MARKET

0 Comments | Gazette, The (Colorado Springs), Apr 6, 2008 | by RICH LADEN

Gary Gilley has a background in car sales and says he knows how to bargain.

That's just what he did last year when he and his wife, Lunell, bought a house outside of Colorado Springs. He paid $375,000 -- about $40,000 less than the asking price.

Gilley was being transferred here from suburban Tulsa, Okla., by his employer, Indiana-based ADESA Inc., which operates about 60 vehicle auction locations around the country. Gilley is general manager of ADESA Colorado Springs Auto Auction in Fountain.

When he started looking in November, Gilley said he was in a good position to buy. His Tulsa-area home had sold in six days for more than his asking price.

"For three days we looked at houses over here," Gilley said, "and there was plenty to look at."

So when Gilley saw a nearly 3,800-square-foot home on a half- acre lot in unincorporated Falcon, he made an offer.

The owners countered.

Knowing there were many homes for sale in the area and not enough buyers, Gilley made the sellers a final offer.

"I said, 'that's all I'm giving, I'll just go and buy a house in town'," Gilley said.

Thirty minutes later, he said, the sellers called back and accepted his offer.

Gilley's home has five bedrooms, three bathrooms, a theater room, pool room and a wet bar. He especially likes the three-car garage, a portion of which has an oversize door to accommodate his motor home, boat and motorcycles.

"We really felt like it was a good deal," Gilley said. "We love it."